While most investors get the bulk of their dividend income from utilities and banks, we recommend they add other dividend-paying stocks which are in a strong position to benefit as the economy re-opens and spurs cash flow and dividend increases.
This firm’s units trade at 13.6 times the company’s 2022 cash flow forecast.
RIOCAN REAL ESTATE INVESTMENT TRUST (Toronto symbol REI.UN; www.riocan.com) owns all or part of 214 shopping centres and other properties across Canada. It also has 15 projects under development, while its overall occupancy rate is currently a high 96.1%.
RioCan announced a new strategy in October 2017 to boost investor value. The biggest part of that plan was for it to concentrate on six major urban markets: Toronto, Montreal, Ottawa, Calgary, Edmonton and Vancouver. As a result, the REIT sold most of its properties in smaller cities.
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Another key part of the strategy was to add residential and office space to the trust’s portfolio—residential units now represent 82.8% of RioCan’s development projects.
The REIT has, however, announced a new strategic approach to its mixed-use residential developments. RioCan will now sell most of its interests in these projects but maintain oversight as the general partner. The move allows it to immediately tap the rising value of these properties while expanding its revenue from management fees.
Despite COVID-19 shutdowns, RioCan collected 94.9% of its rents in the second quarter of 2021. That’s because “strong” tenants, such as grocery and drug stores, supplied 61.3% of its revenue. RioCan got a further 17.8% of its rents from “stable” tenants with a good ability to keep paying their rents. “Potentially vulnerable” tenants such as cinemas, gyms and sit-in restaurants, accounted for the remaining 20.9%.
The REIT expects to spend about $500 million on new projects in 2021. To help offset those costs, it continues to sell non-core properties—a process called “capital recycling.” So far in 2021, it has sold (or agreed to sell) several properties for a total of $880.5 million.
RioCan’s units are still below their pre-pandemic high of $28 in December 2019 but should continue to move up as malls re-open and it builds new residential properties. The units now trade at an attractive 13.6 times the REIT’s projected 2021 cash flow of $1.67 a unit. The $0.96 distribution yields a high 4.2%.
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We do not collect or disclose personal information, except when it is provided to us voluntarily by the site/store visitor with their consent.
We store subscriber and password files containing personal information securely. These files are stored in secure areas that are not accessible to the general public. We are always working to ensure the security of your personal information.
What personal information do we collect?
The information we receive from customers helps us personalize and continually improve your online experience at TSI Network. TSI Network may collect personal information online for all legal purposes, which include, but are not limited to:
Information You Give Us: We receive and store any information you enter on our website or give us in any other way through sign-up forms or ordering forms for publications and services. You can choose not to provide certain information, but then you might not be able to take advantage of many of our services and features. We use the information that you provide for such purposes as responding to your requests, customizing your web browsing experience for you, improving our website, and communicating with you.
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Information from Other Sources: For reasons such as improving personalization of our service (for example, providing better product recommendations or special offers that we think will interest you), we might receive information about you from other sources and add it to our account information. We also sometimes receive updated delivery and address information from our shippers or other sources so that we can correct our records and deliver your next purchase or communication more easily.
We do reserve the right, however, to collect and perform statistical analyses of the internet traffic to our website for our internal use. However, information collected does not allow us to identify any individual, and will not collect any personal information of the visitor. Furthermore, we do not sell, rent or loan to any outside parties the information collected and analyzed.
Although you may be able to access some of our websites without being required to register or provide personal information, certain websites and sections of our websites may require registration. In addition, if you choose to contact us to ask a question, we will collect your personal information so that we can respond to your question.
To make the visitor’s experience on our website easier, we may use per-session “cookies” (session identifiers) to track the state of the visitor session. This “cookie” is destroyed when your session with our website is over.
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Does TSI Network Use the Information It Receives?
"Contact Us" and Comment Features: TSI Network encourages visitors to its websites to contact us with questions and comments. Email addresses and other information of persons using these features may be collected in order to facilitate our responses to those inquiries.
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Except as provided herein, TSI Network will not sell or rent personal information about you to unaffiliated third parties.
We may disclose personal information you have provided through our websites, for the above purposes, to persons or companies that we retain to carry out and other activities for which you have registered or in which you have otherwise asked to participate. In particular, we may for these purposes transfer information to any country (including the USA and other countries which may not offer the same level of data protection as Canada). We also will disclose personal information if required by law, including compliance with warrants, subpoenas or other legal processes.
TSI Network requires persons and companies to which it discloses personal information to restrict their use of such information to the purposes for which it has been provided by TSI Network, to adequately protect the information, and not to disclose that information to others. TSI Network cannot be responsible, however, for any damages caused by the failure of unaffiliated third parties to honour their privacy obligations to TSI Network. Similarly, TSI Network is not responsible for the privacy policies and practices of other websites that are linked to our websites.
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Please note that we reserve the right to delete or edit all comments. As well, we may close posts to further comments at our discretion. If a user repeatedly abuses our comment policy, we may also revoke that user’s access to our comments section.
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How do we protect your personal information?
TSI Network does everything possible to prevent unauthorized intrusion to its websites and the alteration, acquisition or misuse of personal information by unauthorized persons. Notably passwords submitted by users of our websites are encrypted using encryption mechanisms. However, TSI Network cautions visitors to its websites that no network, including the Internet, is entirely secure. Accordingly, we cannot be responsible for loss, corruption or unauthorized acquisition of personal information provided to our websites, or for any damages resulting from such loss, corruption or unauthorized acquisition.
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How do I withdraw my consent to use Personal Information? Access, Correction, Inquiries and Complaints
If you wish to request access to, or correction of, your personal information in our custody or control, or find out how we've used or disclosed that information, please make your request in writing to us. We may need to verify your identity before searching for or providing you with personal information. In some circumstances, we may not be able to provide access to your personal information, for example if it contains the personal information of other persons, if it constitutes confidential commercial information, or if it is protected by solicitor-client privilege. If we deny your request for access to, or refuse a request to correct, your personal information, we will advise you of the reasons for this refusal.
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As discussed, you can always choose not to provide information even though it might be needed to make a purchase or to take advantage of TSI Network features.
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
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